Tyre industry seeks raw material partners to unleash growth

According to ATMA Chairman Anshuman Singhania, Managing Director JK Tyre & Industries, India's tyre industry has an immense growth potential in the emerging new world order.

New Delhi: India’s tyre sector is seeking effective collaboration with raw material partners to harness its potential, industry body Automotive Tyre Manufacturers Association (ATMA) said.

According to ATMA Chairman Anshuman Singhania, Managing Director JK Tyre & Industries, India’s tyre industry has an immense growth potential in the emerging new world order.

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However, an effective collaboration between the industry and raw material partners is imperative to harness this potential, Singhania said at the ATMA Partners’ Summit held recently.

“As a key sector of the economy, tyre industry has displayed resilience to bounce back after every challenging phase. Last year, the growth plummeted in the first quarter in view of the lockdown. However the industry staged a strong recovery in the subsequent quarters and the supply side was under stress to meet the demand,” he was quoted as saying in a statement.

“This year again we have witnessed a slowdown in the months of May and June. But I am hopeful of recovery soon as the process of unlock has begun in earnest and the vaccination drive is gathering momentum.”

He exhorted the supply chain partners to keep pace and support the recovery in demand projected for tyres in the coming quarters.